davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-02-25
MARKETS CUE LARGELY FROM
GRAIN AND FOREIGN EXCHANGES
Two Most Important Elements Making for
Business Recovery Greatly Strength
ened-Buying Power Is Revived.

ment are by no means all on the
bright side. Such . representative
Steel has seen at this last week to
omit its preferred dividend and has
given as the reason that 1t IL unable as
yet to mske its business pay. This
may or may not be typical OF the
steel steel indspsndsnts in general, ,ers ~. out IL
cent Increase in orders reported IN
the steel trade the position Of most
Of these concerns will not be much
helped until the larger demand makes
itself felt upon steel prices.
however, in this and a few other
quarters. 1t Is undoubtedly true that
the volume Of commercial transac-
tions in general is slowly increasing.
We have this on the authority Of the
mercantile agencies and 1t shows too
in the bank exchanges and in the re-
duotion OF empty freight cars on the
railroads.
Statistics Tell story.
Tho unbiased view is that the inter-
national trade statistics have a very
plain story to tell. showing that Eu-
rope during the last twelve months
has cut down its purchases in the
American market q good deal more
| to this country.
What Is equally important is the
credit relaxation in the United States
and in England. Western Europe has
been able to negotiate adverse trade
balances with America and England
by borrowing privately from Ameri-
can and English bankers. who in
turn are ready to lend because Of the
attractiveness of the terms offered as
| compared with what they could get at
| home.
Our total excess Of gold imports for
1920 and 1891 together was close to
| $i,100, 100000. OF the $667.000,000 sent
here last year, $201. 100000 came from
Great Britain and nearly $1S1.000.000
| from France. These gold shipments.
along with our purchases of English
and French bond issues, would have
suhiced in all reasonable probability
to extinguish the floating loan ac-
| count, as II stood to the debit of
| these two countries, at the end of
1920 This is only another way of
| stating that in the process Of thawing
the frozen credits and restoring the
| federal reserve position to normal
! strength the foreign exchange mar
ket has borne its share along with
general business, with agriculture
and with the stock exchange.
fcnnyr{Rht. 1927
Evening star., 1922-02-25
SUGAR MARKET FIRM.

NEW YORK, February. 25.-The
raw sugar market was firm and un-
changed today, at 2h, cost and
freight, for both Cuban and Porto
Rican. equal to $40 for centrifugal.
No sales were reported.
The raw sugar futures market was
frmer on covering and outside buy
ing prompted by the steadier feeling
In the spot market. Trading was
only moderate, with closing prices 4
to S points net higher. March, 2.22;
May, 2.42; July, 2.61; September, 2.75.
There were mo- changes in refined
sugar, with fine granulated listed at
$40 by all ref1ners.
Refined futures were without trans
actions, closing unchanged, with
March at $50; May, $50, and July,
b.s5.
Futures closed firm. Approximate
sales, $500 tons.
Evening star., 1922-02-25
COTTON MARKETS,

NEW YORK. February 25.-Bullish
week end reviews of the cotton goods
trade led to renewed buying in the
cotton market. The opening was
steady at an advance Of 2 to points,
and there was considerable realizing
at the start, but it was readily alb
sorbed and after selling at 1888. May
contracts soon rallied to 1914. with
active months generally selling about
II to q points net higher. Earlier
week sellers for a reaction were
among the buyers on the advance.
while there was a moderate demand
from brokers. with trade connections
and local support.
Futures opened STEADY: March,
1925; May, 1913; July. 17.25; October,
1888: December, 1914.
Reports of a better spot demand and
reiterated reports of increasing ac-
tiyity in cotton goods gave the mar
ket a firm tone later. May sold up
to 1924, or 81 points net higher. and
the close was steady at a net ad-
vance of Is to SO points.
Futures closed steady: March, 1880:
May, 1920; July, 1856: October, 1855;
December. 1865.
Cotton-Spot steady: middling. 1880.
LIVERPOOL. February 25:-weekiy
cotton statistics: Total forwarded
to mills. $4,000 bales; of which Amer
ican, $4,000; stock 1,024.10 American
$4,000; imports 71,a00. American
$4,000; exports 5000. American 1000.
Evening star., 1922-02-25

tNots: Article XxxI1I. which should have
appeared In order today, was published in the
Star February II. 1922
ARTICLE XXXIv.
We have not yet finished dealing
with section 2o2. Subdivision (c3 (s)
thereof deals with another class Of
transa ctions which was harshly dealt
with in the predecessor act.
The new law provides that when
one or moro persons secure the con-
troll of a corporation previously In e1-
istence or newly created by the trans'
fer to the corporation OF property in
return for its stock no gain or loss
shall be recognized. under certain cir
cumstances. as a result OF the transaG-
ton. The conditions which make possi. !.
bic the deferring OF the determination OF
gain or loss are as follows:
ca The person or persons in ques-
tion, Immediately after the transfer
Of their property to the CORPORATION.
must be in control OF the said cor
poration.
(b) The stock or the securities, or
both, received by such persons must
be "jn substantially the same proper
ton as their interests in the property
before such transfer"
(c) To avoid administrative dimcul-
fined as existing when there Is owned
stock and 80 per cent of the total
number Of shares of all other classes
of stock OF the corporation.
+ Inasmuch as Title 1, general dehni-
tions, section (2) "a, defines per
son as including corporations. II q
corporation transfers Its property 10
another corporation and Immediately
thereafter is in control Thereon, tho
situation Ia the same as where the
transferer is a natural person. Al.
most any number of combinations OF
possible transactions may be seen to
be covered by subdivision (c) (S) OF
section ZOE. However. 1t is not neces-
sary to bring a corporation under TINS
subdivision CD. because the case OF q
corporation transferring TO corpoIa,
ton is apparently covered IN (c) t2)
as we'll.
QUESTIONS AND ANSWERS.
@. (loD-(a) filed my 1890 tax re-.
turn for fiscal year ending April 80.
1921, showing loss of $500. This
year I anticipate making profit OF
approximately $4,000. Under the new
laws may use any part OF last years
loss as an expense this year?
(b) My brother and I have separate
businesses in one Office. ] pay all
expenses and render him bill Of half
for each months expenses. Through
lack Of funds he gave me two notes!
covering expenses for November and
December. which are not due until
1922. Can he use the expenses for
his 1921 tax return II same 10 Med
on cash basis?
(c) Can premium paid on life insur-
ance policies with a arm as benen.
ciary be considered as q deduction
from income tax? II the answer is
Evening star., 1922-02-25
CURB TRADING IS SMALL;
MOVEMENTS IRREGULAR

NEW YORK, February Is (Spe-
cial).-Business was smaller on the
curb exchange today. and price move.
ments generally were Irregular.
Durant Of Indiana. was fairly ac-
tive stock in the motor group. Libby,
Mcneil & Libby was higher. and
advances were recorded in Postum.
Philip Norris and Swift International.
On the other hand. Amalgamated
Leather. Goodyear and several others
were easier. Anglo American cor
poration continued quite active.
Simms Petroleum was slightly
higher and Kirby Petroleum was ac-
tive. Standard Oil of Indiana. Skelly
Oil and International Petroleum
were steady, Mining shares were
firm. with most interest shown In
the low-price issues. There was less
activity in bonds.
Evening star., 1922-02-25
BY STUART p. WEST.
Special Dispat to The Star.

Special Dispatch to The Star.
NEW YORK, February 26.-Ths
agreements ssain this week have
taken their cue largely from develop
ments in two quarters. the grain trade
and the foreign exchanges. The May
wheat option has risen 20 cents q
bushel from the low prices Of last
autumn. when the farmers. under
pressure from the banks. were rush
Ing their grain to market for anything
bushel in the first week Of November
1t sold as high as S1.47h during the
past week. In the same interval May
corn went up from 35h cents to SO
cents. that is. 1t has nearly doubled in
value, while rye Is selling around
record low. Considerably more than
half this recovery has occurred within
the past month.
The same period has seen sterling
exchange go from around $4.20 to well
over $40, and the French franc sell
cents. From the end Of January. ac-
cordingly. to the end Of February. two
of the most important elements max
ing for business recovery have beer
greatly strengthened. On the one
hand the improvement in farm prices
uO1uS AOTtu lu6 pIUtuLSc "a IcNlS1u6
buying power in tho agricultural
states. without which no return tc
normal conditions can be expected. Or
the other hand, the improvement In
tho foreign exchanges Is preparing
the way for an increase later on In
our export trade, the shrinkaHe In
which has been one Of the prime influ.
ences in the recent depression.
Trade Outlook Stronger.
l. One does not have to look beyond
these two movements for tho expla'
nation Of the advance in the security
markets. BY reason Of the changes
which have come over the grain mar
ket and the foreign exchange sttua'
ton. the ground for assurances re-
garding the business outlook is much
stronger than 1t was even four week.
ago. 1t is this which has been re.
f1ected in the advance in stocks. VI
course. the rise would have seemed
somewhat extravagant were 1t moi
for the recollection that speculative
market, when 1t begins to discount
outside trade recovery. goes along al
a much faster pace than the recovery
itself.
The actual business data at the mo.
Evening star., 1922-02-25
TO ATTACH EVERY VISIBLE
ASSET OF E. B. P. CARRIER
Receivers for Bankrupt Philadel-
phia Firm Act Promptly in Auto
Stores Case-other Failures.

PHILADELPHIA. February 25.-
Receivers for the United Auto
Stores, Inc, which failed here Thurs
day. announced today that they
would attach the Long Island home
and every visible asset of Edward
B. p. Carrier. president of the con-
cern, for the benefit of creditors
Liabilities of the corporation were
listed at S1.500,O00, according to a
petition filed in federal court by
stockholders asking q receivership.
Meanwhile. a petition asking a re-
ceivership for the United Guaranty
Corporation, said to have been or
ganized by Carrier as an agency for
selling stock in the auto stores COM
pany, has been filed In federal court.
NEW YORK. February 25.-An in
voluntary petition in bankruptcy
was filed in federal court today
against Rietze & Sullivan. stock
brokers'. Liabilities were listed at
$4,000, and assets at $4,000.
NEW YORK. February 25.-An in
voluntary petition in bankruptcy also
was filed against the brokerage firm
Of A. r. Smith & Co. Liabilities were
estimated at $4,000 and assets at
$25,000.
A few minutes later an involun-
tary petition was filed against Heat
ley Robles & Smith, Inc Liabilities
were estimated at 100000 and assets
at $4,000.
Evening star., 1922-02-25
DRY GOODS PRICES FIRM.
Grays Move in Considerable Vol
ume-Silks Are Irregular.

NEW YORK, February 25 Especially.
Prices in the dry goods market con-
tinued Arm today. Gray goods moved
in considerable volume, although the
demand was largely for the narrower
constructions of print cloths. Sellers
In many instances are declining bids
at present price levels for deliveries
of the wider constructions beyond
March in expectation Of higher prices
The bag trade again was active in
ueetings, and there was some de-
mand for export for brown branded
goods. Percales. cretonnes and print
cloths sold In small lots, and there
was some trading in pajama checks
and drills. Prices on the wider con-
structions Of print cloths remained
about unchanged.
The silk market was irregular and
inactive. There were few changes
In price levels, either her or at pri-
mary markets. The trading in nm
ished silks was Of small volume
Evening star., 1922-02-25
MANY PRODUCERS HOLDING OUT.
HOPING TO GET HIGHER PRICES
Lure of Paper Profits for Farm Products
Threatens Farmers and Stock Growers
Credits Easier; Outlook Is Brighter.

twelve months sold 4.24s,ooo razor sets
and 19,500.000 dozen extra blades. COM
pared with 2,090.000 sets and 10000. .000
dozen extra blades for previous twelve
months.
CHICAGO, February Is (special).-
Mild weather has left both domestic
piled with Goa, and little movement
Is expected here until something
more definite with regard to pos
sible strike is known.
49, Millinery.
NEW ORLEANS. February 25 (Spe-
ciaD.-Cheap and medium priced
millinery is finding ready sale in this
section. but higher-priced hats are
hard to move.
PHILADELPHIA. February Is
ecial).-Shoe manufacturers here
who materially cut the prices of win
styles at high prices with all the
trimmings and new designs which
their experts can conceive.
Steel
YOUNGSTOWN. Ohio, February 2i
(Speciall.-Youngstown mills are re-
cefvtng large sheet orders. and de-
mand for black sheets continues on
liberal scale.
Canned Goods.
NEW YORK. February 25 Especially
increasing demand for canned
goods for export is reported here
Some varieties are in extremely short
supply: Dealers are disposed to buy
from day to day.
Notes.
PHI1.AnET .pEyTA ESob,,,,r,,
(SpeciaD Two indications are cited
by business men as showing that
business and Industry here still
are below normal. Bank clearings
have fallen Off considerably in com.
parison with those for a similar pc.
riod of 1921. The latest monthly
statement OF the local transit com.
pany showed that the number of pas.
sengers carried decreased over three
million from the number carried in q
similar period In 1921. This is a loss
of about 100000 passengers a day
and is believed to reflect Industrial
inactivity.
CANEY. Kan. February Is (Spe.
claD.-Work on the extension of the
Kansas and Oklahoma Southern rail-
way from this place to Vinita, sOkla
and to the coal mines of the Vinita
regions is expected to get under way
as soon as the weather is settled.
Evening star., 1922-02-25
CERTIFICATES.
BOSTON WOOL QUIET.
Prices Firm, But Trading Is of
Small Volume.

BOSTON, February IS tSpeciaD.-
The wool market here was quiet to-
day and trading was of small volume,
although prices, except for wools OF
inferior grade. were firmly main
tained. The speculative trading which
previously was in evidence seems to
have died down. Dealers are watch
ing the Arizona situation closely. as
shearing will start there next. week
and few clips have been sold in ad-
vance Interest also is expressed in
bids for the johnson county. Wyo..
1000, 600 pound pool. bids for which
will be opened at Buffalo March II.
Considerable Utah and Nevada wool
has been contracted for at prices
ranging as high as s2A cents
pound. Ohio and Pennsylvania de-
lanes continued to be quoted at 4sa
SO cents, with little change in terri
tory or pulled woods.
Evening star., 1922-02-25
AUTO PRICES DISCUSSED.

NEW YORK. February 25.-Bankers
familiar with conditions in the auto
movement on the part Of many COM
panies amounting almost to concerted
action to make current prices on their
product the absolute bottom. The feel
Ing exists in some quarters. that
price-cutting has gone beyond the
time for sterilization has been reach
ed. The demand for cars Is increasing
and many plants are working at or
close to capacity. With price cutting
eliminated 1t is believed that the situ-
alton is such as to make practicable
an upward adjustment In such cases
as current selling prices do not re-
turn a fair margin Of profit.
Evening star., 1922-02-25
UTILITY WITH STYLE.

NEW YORK, February 25.-Com-
Din,ns innn6 1ta'ty hn w,sn STYLE aseing EN-
facturers to attract trade. The time
when umbrellas were q symbol of a
rainy day Is being displaced rapidly
through manufacturers efforts to
make the umbrella q necessary ad-
junct of a woman's street dress.
bright blues. browns, green's and
purples are now the staple colors of
umbre elias. Curved wooden handles
are being abandoned and ivory and
inlaid pearl straight centerpieces
with arm straps or rings are being
substituted for them.
Evening star., 1922-02-25
Netherlands Loan.
DIVIDENDS.

Stock OF Pay.
record. able.
CINE Building Co. q. N.Msr. lS Mar. 81
Ltd. q. pfd:. si.iS...:. Mar. Is April 1
Gulf States Steel Co.. LIST
pfd;. N;7s ....:.:....:. Mar. Is April !
Co. q. s2:::.......... .....Mar. u April i
Co, g.. pfd.. si.7s. ....... Mar. Is Ayr.l !
ch!esse R: T.. g.. siT5 Mar. 10 April L
Chi. II. B.. g. pid:. 81. 75.Mar. 10 Aprn 4
Railway Steel Spring Co..,
a., ofd.. q. l.75........... Marc Mar. 20
Railway Steel Spring Co...
O., = ......... Mar. IL Mar. 81
st: Maurice Pape: Co.. o.,
Tesss Pacisc Coal and Oil
Co, a., 25c Mar. IA Mar 81
Cn. Dyewood Co., pfd., 81. 70. Mar. 10 April !
SI.75 .............M Mar. Is April 1
N.73 ...;.June Is July 1
siTs " Sept l5. Oct. /
si.15 ....................D dec. IS ian Z
IS .................Mar. 2i Asee !:
Evening star., 1922-02-25
REPUBLIC STEEL REPORT.

NEW YORK. February 25.-Repub-
lie Iron and steel passed the quar-
.terly preferred dividend due at this
time. The common dividend had been
passed in May, 1921. The annual
report gives a loss for the year 1921,
before the payment. of dividends, a.
$5,66b,000. Seven per cent on tho
preferred stock and III per cent on
the common called for q total OF $2,-
zoo, ,00o. making a total charge against
the accumulated surplus OF previous
yenrs o. ,S.et sSrp,u. n1 to
Evening star., 1922-02-25
FEWER IDLE FREIGHT CARS,

business conditions were 44s,sis on on
February IL, a reduction Of 1918
cars In q week. according to official
reports. OF that total 27S,4S1 were
in serviceable condition and the re-
naming 171,sSs needed repairs. Sub
stantial reductions were recorded in
the number Of surplus box cars and
coal cars.
Evening star., 1922-02-25
PHONE BUSINESS BETTER.

NEW YORK. February 25.-New
England Telephone and Telegraph's 3
net income In 1881 was $5.s86.3s5,
after charges and taxes equal to $s.01
. share Of stock. only a trihe less
than the year before. It's report said
that business Improvement since the
middle OF 1921 has been apparent, al
though gradual. The sum of $15. l..
500 was spent on new construction
during last year.
Evening star., 1922-02-25

BY the ASt03faIeu FtesS.
NEW YORK, February 25.-Foreign
exchange strong. Great Britain. de-
mand, 4.4f: cables. 4.415s. Sixty-day
bills on banks. 4.38. France, demand,
s.05s; cables, s.o6. Italy. demand.
5.14h; cables. SIS. Belgium. demand.
8.60h; cables. S.61. Germany. do
mand, 44H: cables. 45S. Holland.
demand, 38.40: cables. 38.46. Norway.
demand. 1903. Sweden. demand, 26.40.
Denmark. demand. 20.95. Switzer-
land, demand, 1886. Spain, demand.
1886. Greece, demand. 4.56. Poland.
demand, .02h. czechoslovakia. de-
mand, 174k. Argentina, demand.
800. Brazil, demand. 1875. Mon
treal. s7h.
Evening star., 1922-02-25
BONDS ARE Strong
/ HIGHS ARE SCORED
Coming Week Expected tc
Witness Livelier Interest
in Offerings.
Special Dispa tch to The star.

cpecihl lslSpatch TO The St1r.
NEW YORK. February a5.-Bonds
on the stock exchange today were
strong, with most of yesterdays ir-
regularity in foreign external loans
cleared up. Leading domestic and
foreign offerings made moderate
gains and losses. Strength was shown
by st. Paul issues. and Atch!scn.
Reading and Chesapeake and Ohio
were fractionally higher. In the for.
eign division Toxic IS and Chinese
railway IS were strong. japanese
governments eased slightly and mod.
crate reactions occurred in Union Pa
cilc Is. Seaboard Air Line adjust.
ments and United States Stee, "a
Such issues as Dominion Of Canada
si2s of 1893. Toxic SIS. Uruguay SIS and
Denmark IS reached record high
prices. while the United Kingdom 5h
per cents and French obligations were
firm. taking their cue from the re-
sumption of the rise in exchange.
Among corporate maturIties the
Missouri. Kansas and Texas. St. Paul
and Frisco incomes advanced, and
International Marine 6s and Sinclair
OIL 7hs worked higher. The last
named crossed par. influenced by the
possibility of the calling in Of these
7k per cents at 103 or better, and
then substitution by long term issue.
Netherlands Loan.
The coming week will see livelier
interest in current bond offerings,
stimulated at the outset by the public
sale beginning Monday morning OF .
75,ooo.ooo guilder nfty-year Per
cent kingdom OF Netherlands loan. A
similar amount will be sold sinful
taneously by Holland bankers
The bonds to be offered by the
American Syndicate, valued ut normal
exchange at $30.160.000. will be dated
March 1. 1922, and will mature March
/. 1872. They are .non-callable for ten
years and their price will be on 4
basis to yield approximately 8 per
cent. The bonds will be listed for
trading on the New York Stock Ex-
change.
Evening star., 1922-02-25
NEW YORK BANK STATEMENT.

NEW YORK, February 25.-The
actual condition of the clearing
house hanks and trust companies for
the week (fve days) shows that they
hold $44,202.520 In excess of legal
requirements. This Is an increase
Of $46,401,260 from last week.
Evening star., 1922-02-25
Commodity Reports
From Various Sections
HOrsek


DETROIT, February % Especially
Sales of horses and farm implements
throughout the county districts indi-
cate advancing prices. Horses are in
strong demand, and good teams are
bringing as high as $500 span. Many
farmers are buying horses because Of
the high cost Of upkeep and fuel for
tractors.
Wool.
MANHATTAN, Kan, February Is
(Special).-The annual report Of the
Kansas Wool Growers Association
shows that the larger part Of the KAN
sas production was not of high grade
and growers, therefore, did not secure
top prices for the 1921 clip.
.RaxOfa.
BOSTON, February Is (SpeciaD.-
Sales of Gillette safety razors broke
all records last year, according to Of
fetal figures. The company, in the
Evening star., 1922-02-25
nAR SILVER QUOTATIONS.

NEW YORK. February 25.-Foreign
bar oliver, 6311; Mexican dollars, 4s&.
LONDON, February 25.-Bar silver.
32xd per ounce; money. 2x per cent.
Discount rates-short bills. : S-!S Per
cent? Three month bills, 8 1-sas s-1s
per 1ent.