davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-02-26
DECLARES MOTOR DEFLATION
HAS REACHED IT'S LIMIT
Maxwell Head Also Believes Public Is
More Deeply Interested in Autos Than
Ever, But Is More Critical.

city today by different members of the
chapter.
The country clubs have been placed
at the disposal of the visitors, and
quite number have signified their
intention of playing a few holes of
golf" If weather permits.
Columbia Grnphophone.
Following close on the refusal of the
Wilmington, Del, courts to appoint a
receiver for the Columbia Grahpophone
Manufacturing Company, word was re-
ceived yesterday that an applica tion
for appointment of a receiver by
, certain stockholders. filed in the United
States district court at South Norwalk,
Conn. had also been denied by Judge
Edwin F. Thomas at that place.
The grounds upon which the appli-
cations were denied were identically the
same as those in the case filed by the
same parties in Wilmington.
AS these were the only applications
for receivership filed, interests con-
cerned with readjustment of the COM
pany's affairs are now free to proceed
with formulation of definite plan OF
reorganization and readjustment
; At the time of the dismissal of the
Wilmington case Francis S. Whitten
chairman of the board. announced that
the management is doing everything
possible to protect the interests Of the
stockholders: that the company's in
as the market will permit. and over
head expenses and salaries have been
cut to the lowest possible figure
Loan Contraction Noted.
Reports from leading banks that
, make weekly reports to the Federal
reserve Board indicate continued loan
CONTRACTION, except in the New York
Federal Reserve District
For the five weeks ended Febru-
derrpa in,
$4,000: for the previous five weeks
$l2?.l9O.000, and for the five weeks
| ended November 80. sS6.034.O00 Nor
mally the change in November and
december represents an increase
rather than a decrease.
weeks ended February 8 compares
with a decrease of s4a7.s77. 900 for
the corresponding period a year ago
Decrease in reporting member bank
loans since January I, 1921. totals
s2.43o.iOa. 1000 AS these banks art
Of total bank loans of the entire
country, the figures indicate that the
total reduction in all bank loans
since January Z. 1921. has been APP
proximately s6.o00.0O0,ooo.
TrcS0e to Speak.
J. II. Tregoe, secretary-treasurer OF
the National Association of Credi,
Men, will be the speaker on ladies
mite the midwinter dinner of the
Washington Association of Credit
Men. which will be held at the new
City Club Wednesday at $50 pm.
Entertainment will be furnished by
well known local quartet. The
welfare committee. composed of A
w. Wright, chairman: Mrs. N. L.
remington, vice chairman; F.. w
White, F. w. Buckier. a. f. Harlan
W. c. Hanson and +. H. Ellis, has
had charge of making arrange nents
for this dinner and have prepared
| an excellent program for the evening.
Evening star., 1922-02-26
TRADE REVIEW.

NEW YORK. February 25.-Dun's
review of weeks trade says: Even
with the holiday interruption the
week has been productive of a fur
ther moderate enlargement of the
volume of business. While clearly
lacking uniformity. the betterment of
conditions is more distinct in different
branches of enterprise, and indica-
rions point to continued gradual and
irregular progress. Response to the
recent noteworthy rise of grain prices
has appeared in the strengthened
confidence and increased buying of
merchandise in the west and in the
financial sentiment has reflected the
easier money situation and the up
ward trend of securities markets.
"UTnfavorable aspects are still con-
spicuous and will not be quickly
eliminated, but the underlying fac
tors that will govern the future
course of business are more reas-
suring, and more positive evidence of
revival is disclosed in iron and steel
and elseW here. With the end of the
winter approaching. seasonal eApan-
sion of operations begins to develop
in various trades and sections of the
country. and unemployment of work
ers. although remaining an unsatis-
factory feature, is rather less eXten-
sive than recently.
Weekly bank clearings. $685.
99S 153''
Evening star., 1922-02-26
ARGENTINE REPORTS
CAUSE GENERAL UPTURN

CHICAGO, February 25-Grain
.rade statisticians deduced an
alarming wheat situation in the Ar
nection with Independent strength in
corn and oats. caused general upturns.
Wheat registered net gains of IN to
y and provisions generally off ~ to
Is cents.
Wheat opened easy on lower Liver
pool cables. prospects of Sunday rains
in the southwest and desire of some
folders to take profits. The Argentine
nent. however. the first figures indi-
eating reductions of from ten to
twenty million bushels in the export
able surplus of the South American
granary. On this advance there was
some selling by strong commission
houses and a reaction developed at
around LAG for May and LIS for July.
Then a brokerage news agency gave
out what purperted to be a cable ad-
vice to leading exporter showing
75,0o0.0o0 bushels as the remaining
exportable surplus and the anony-
nous exporter was credited with pre-
dieting that it was quite possible
that Argentina might import wheat
by summer. The resultant buying
dominated the final hour of the Sat
urday snort session anu Cdrrleo piiSS,
to the high point of the day. Corn sold
for a new high on the crop. A strong
undertone prevailed and the market
was broader than for some time. Ex-
tensive profit taking caused only
slight recessions. the state of country
supplies and reports OF export demanos
overcoming this. Announcement that the
Russian relief would receive bids next
week for $4,000 tons of corn grits
helped the market.
Oats were Influenced by a good ex-
mort demand and the strength IN corn.
n was announced that Mondays hg-
ures ON visible supply of oats would
include about 1850. 900 bushels stored
in elevators which have not been re-
porting their supplies, Provisions
were only moderately active. put the
Sancs in live hogs worked prices up
ward and lard showed new high for
thu sea- son.
Evening star., 1922-02-26
COFFEE MARKET IS QUIET.

NEW YORK. February 25.-The
market for coffee futures was very
quiet today. Yesterdays heavy liqui-
dation and switching appeared to
have pretty well cleaned up the
March position. as there was no fur
ther business in that delivery this
morning. There was a little cover
ing in the later months at the start.
with the opening l point lower to 2
points higher. but the buying was
very limited and prices later sagged
off under scattering liquidation.
May reacted from s.67 to $50. with
the market closing at a. net decline
of ] to points. Sales were esti-
mated at about 11.750 bags. March
SAT: May, $50: July. SGT: September
S.6s; October. $40: December. S.73
Spot coffee was steady and un-
changed at Sb to 9 for Rio Is, and
1915 to 12a for Santos As. No fresh
offers were reported in the cost and
freight market. and owing to the
holiday there were no official quo
tations from Brazil.
Evening star., 1922-02-26
Board of Trade . City c1u, Chamber of Commerce.
Work for Greater Washington
Discussion Of Activities, Past, Present and
Future, of the Big Civic Organizations
Merchants and Manufacturers Of

John Brewer, chairman of the COM
mittee, says that plans are nearly
completed for the athletic program.
The first family night" was. held
in the new building Tuesday. More
than 500 members and their families
attended.
Representative l. ]. Dickinson of
Iowa. one of the leaders of the farm
bloc. was the speaker at the forum
luncheon Tuesday. He discussed THE
Farm Bloc in Congress" The mem
bers were given many new angles on
the question. John Walsh presided.
The Overseas Writers Club will
hereafter hold it's meetings in the
City Club. This organization is COM
posed of war correspondents and
writer's who saw service overseas
during the world war.
Representative John +. Miller of
Washington will be the speaker at
the forum luncheon next Tuesday.
His subject will be "Fords Muscle
Shoals Offer-What it Is and What it
Isn't AS this question is likely to
bring out an exceptionally large at
tendance. the meeting will be held
in the main auditorium. Mr.. Miller
is a member of the military affairs
committee.
Evening star., 1922-02-26
ADVANCE OF NEARLY 81
MARKS CLOSING COTTON

NEW YORK, February 25.-The ad-
vance Of nearly So a bale in the cot
ton market here today seemed chiefly
the result of more bullish trade ad
vices. including reports of more
active demand for cotton goods and
better spot business in the south. May
contracts sold up to 1924, or 81 points
net higher and 81 points above the
low level Of yesterday. That delivery
closed at 1920. with the general mar
ket closing steady at net advance
of 26 to 33 points.
The market opened steady at an ad-
vance Of 2 to 5 points and show
ed some irregularity during the early
trading as a result of renewed re-
alizing for over the week end. On the
whole, however, offerings were readi
ly absorbed on compare lively slight
setbacks. and the market soon turned
firmer on trade buying TO fix prices,
covering by people who had sold for
a reaction earlier in the week and
fresh buying for long account. The
increased sales of cotton goods re-
ported in the Fall River market for
the week came in for a good deal Of
comment, while bullish sentiment also
was encouraged by the more favor
able reports from Manchester and a
belief that continued improvement
in the demand for British goods would
soon force Liverpool importers into
the spot cotton markets.
Trading was comparatively quiet at
the start, but became more active as
prices Worked higher, and = pie
forenoon advance was prom :
bullish southern spot advice$ n
sold up to 1885 and July to ar
35 to 3S points net higher. ana .e;v
crop positions showed net advances of
% to 33 points. The close was a few
points off from the best under re-
alizing
The weeks sales of cloths in the
Fall River market were estimated at
100000 pieces. or the largest total
reported for any one week since the
beginning Of the year. The curtail-
ment Of production there was esti-
mated at 100000 pieces. and it was
said that goods buyers were nervous
over the possibility of increased cur
tailment in New England. There were
also reports Of a more active demand
for cotton yarns. including business
for forward shipment
Evening star., 1922-02-26
NEW YORK BANK STATEMENT

NEW YORK. February 25.-The
actual condition of the clearing
house banks and trust companies for
the week Give days) shows that they
requirements. This is an increase OF
SAG, 401. .260 from last week.
The statement follows:
Loans. discounts. etc, s4.352.57S.000;
decrease, $25.72s.000.
Cash in own vaults, members fed
eral reserve bank. s65,sso.ooo; in
crease, 3,605,00o:
Reserve in federal reserve bank OF
member banks, $5S3,007,00o; increase,
$44.542.000.
and trust companies. $7.6s2.ooo; in
Reserve in depositaries. state banks
and trust companies. s9.113.ooo; de-
Net demand deposits. s3.s11.s76.ooo:
decrease, s14,24s.000. United States
deposits deducted. $S4:ss6;ooo;
Time >, deposias' sss sna s2sS'oss'ooo; in
Circulation. sss.s27,ooo; increase.
'os,ySr. 'SSSregate reserve, $54s.754,0oo.
Excess reserve. .$44,2Os.52o; in
crease, $46.401, $50.
companies in Greater New York not
included in clearing house statement:
Loans, discounts. ETC., $627,971,100;
decrease, $8.057.600.
Gold, $4,95O, 800: increase. $1s.S00..
Currency and bank notes, $16.-
92s, 500: increase. $224.700.
Deposits with Federal Reserve Bank
of New York.. $52,241,70 decrease,
Total deposits $652.s33.30o: de-
crease. $12,359,100.
Eliminating amounts due from
reserve depositaries and other banks
and trust companies in New York and
United States deposits, $606. .969, 400;
decrease, $5.62S,400.
Banks-Cash in vault, $26,Ss6.500.
Trust companies-Cash in vault,
$47.461,600.
Evening star., 1922-02-26

With two. speakers of international
rrominence and nine committee re-
ports scheduled. the monthly meet
ing of the Washington Board of
Trade, to be held Tuesday night at
the Willard Hotel. promises a busy
session for the several hundred board
members who will attend.
iSao-Ke Alfred SEE, envoy eNtraordi-
nary and minister plenipotentiary OF
China, and ]. B. Powell, secretary of
the American Chamber of Commerce
of China. will be the guests OF the
board during the meeting and Will
make addresses.
nit reports: Charities and correc-
tions. Walter c. Clephane. chairman;
industrial interests. William {. Jonn-
son, chairman: insurance and tire
protection. David NJ. Lea. chairman
public and private buildings. Will
health. DR.. u. Percy Hicklins, chair
man; public schools, William S. WASH
burn, chairman: public utilities and
transportation. Edmund D. liheem,
chairman; universities and private
81 400 :, Henry l.. Blair, chairman,
~, r. supply. Francis Il. Weller.
chairman
i, most important of these
reports will be that of the water
q s.i. .ar. \, e.ller has been an un-
tiring worker as chairman OF the
committee for additional water sup
ply for this city The situation,
which has been called to the atten-
tion of Congress many times, is pre-
cariouS. and unless something is done
in the near future Washington faces
an extremely serious water famine.
The committee joins with the Com
ipiSsionerS in recommending that
o ,~"~~ "nn~opri:te S3.00O,0o0 to-
ward carrying out the construction
upply. and fur
ther indorses the plans of Maj. NJ Z.
the land surrounding the Dalecarlia
reservoir after the water supply
project is completed.
1.-THE committee held an mpor tant
meeting last week for the purpose OF
discussing the situation and prepar-
ing the report. which Will be submit
ted Tuesday night
Other committees of the board
which met during the week were
streets and avenues, William Everett,
chairman; public schools, and mem
bership.
The membership drive Of the City
Club was 4 big event of the week.
Whom the club went into its new
building on G. street the membership
w.s I..Ou The board of governors
then authorized an increase of 500
members. because the new 100000
buiIding could comfortably accom-
nlodate that number.
F. +. Wilcox and his teams of $50
workers declare the 500 will be on
the rolls before the seven days have
expired.
The athletic committee has also
taken a big stride forward. c. Ed
~ ''-"t-"t director of physical edu-
81 u as physical adviser to the
committee. He will be at the club
on Monday and Thursday afternoons,
beginning February IS. from )
o cIock until 8 o'clock. to examine
members who desire to take up gym
nastic work. Mr.. Beckett's eXamina-
thon of the members will determine
their individual athletic activities.
Evening star., 1922-02-26
FINANCE AND TRADE. NOTES

The first ship to leave America NY
ing the colors Of Hungary has sailed
from Baltimore. It is the steamer
Haros. which halls from Budapest
On February 2S the Farmers Loan
and Trust Company will celebrate the
Tooth anniversary of the granting OF
a charter by the New York legis-
1ature to the Farmers Fire Insurance
! and Loan Company. which the trust
company succeeded.
Detroit Edison, in its report for
year ended with January II. shows
net income after interest OF $a,ssS-
735. an increase of 43.3 per cent from
81, ,0S4,493 for the preceding year. Its
gross in the former period gained So
per cent to $23.5so.sS5.
Savage Arms had in 1921 q deficit
of $1,234.011, of which $55s,s50 was
accounted for in loss from operations
and $674. .061 through readjustment OF
inventory values. For 1920 a surplus
of $117,769 was reported.
General Cigar reported gross earn
ings of $7.724.610 in 1921, a decline
of s2.155.1SS from the total in the
interest charges amounted to $2,447.-
14l, against $3,707,T3 in 1920. and
after providing for interest there re-
mained $2.113,S55 available for divi-
dends.
Union Bag and Paper has declared
!! dividend of $1.50 a share on it's
capital stock for the current quar-
ter, in contrast to previous dividends
at the rate of 50 quarterly.
A New York Stock Exchange mem
bership has been transferred for $S6,-
600. a reduction of $1,000, compared
with the last previous sale Of $4,000.
Evening star., 1922-02-26

Q. U14)--will you kindly explain
gross and net income?' My salary is
$4,000. Receive from rent $500, in all.
$500. what do they mean by net in
come? ] am a widower with two
children above exemption age; but
pay $50 monthly for housekeeper.
Can deduct her salary?
A Your gross income is $1,000. You
may deduct from this business Az
! penses such as taxes on real estate, ff
any; interest on mortgages, if any,
janitorial services, IL any. etc. The
balance is net income. If you have no
deductions, your gross income equa.s
your net income. You cannot deducs
housekeeper's salary, but you are ep-
titled to exemption of s2,500 as head
of the family.
Q. Q15)-As per your receipt
statement that dividends from stodk
are not subject to the normal per
cent tax unless income is $1,000. will
you please state if such dividend
must be reported on the forms, and
also. If savings bank interest is sub
ject TO tax. Last year / paid tax TO
both the government and state on
some small dividend returns and also
on savings bank interest. and pre-
sumo others have done likewise, ow-
ing to the wording of the forms. Will
sums unnecessarily paid be returned
| by the federal and state authorities:
A You misunderstood me. / said that
oivldends received on the stock of do
mestlc corporations are not subject
to the normal tax a per cent or per
cent?; they are subject to surtaxes
only. i trust that you recall that sur
taxes are not levied on net incomes
under $4,000. Accordingly, unless a
persons net income inclusive of divi-
dends exceeds $1,000, the dividends
escape tax altogether; 1. e., not sub
Ject to normal taxes regardless OF
amount and not subject to surtaxes.
because total net income is not over
5000
Savings bank interest is subject to
both normal and surtax. This is SO
despite the fact that such interest is
often referred to-erroneously, OF
course-aS dividend
Amend your incorrect returns and
secure credit against ayy tax you may
Q. UI6)-My wife has $4,000 in
United States fourth liberty loan
! bonds. on which she receives s1.445
annually as interest. My understand
ing is that these bonds are exempt
from income tax up to S35,o0o. Am /
correct? Our joint income is less than
$4,000. 40 Stat, 2s1. provides fol a
permanent exemption on $4,000 of
these bonds. and 40 Stat. 1911 tact Of
March 3. 1870 provides for an ex
emption on 100000 for five years after
the close of war with Germany as
fixed by the Presidents proclamation:
| total exemption on $4,000.
A. Fully exempt. See section 1928,
which simplifies and summarizes lb-
erty bond exemptions.
.. Gi7)-Are union dues-that is.
of miners. tradesmen's unions-a de-
ductible item?
A. Yes; but not insurance assess
ments.
Evening star., 1922-02-26
LIVE STOCK MARKETS.

BALTIMORE. February 25 (SpeciaD.
Live cattie-Receipts at the stock
yards are ample, but very light on the
wharves; demands fairly good for
choice fat stock, but common, ordi-
nary cattle in slow sale. Quotations
today at Ligth street wharf: Beef cat
tie. first quality. H.. 7a7R: medium.
51sa65: bulls. 51aa5; cows. choice to
fancy, 4ha5; common to fair. 2a4 !:
oxen. sa4h; nlilch COWS. choice to
fancy, per head, 50.00a75.00: common
to fair, per head, 30.00a40.00.
Calves-Choice, handy-weight veals,
lb., 1115a12; choice fat. heavy veals,
10a11: fair to good, 9iaa10: heavy.
smooth. fat calves. sas1a; heavy
rough calves. 5a7.
Lambs and sheep-No. / sheep. per
lb.. sac; fair to good. 3ka4E; COM
mon. 2laa3E: old bucks. 4a4H: lambs,
choice. lb.. 13a14: fair to good, loa1o /;
COMMON thin, SAG.
Hogs-Straight. 9a10E: sows. 7as;
stays and boars. 5a6; live pigs, 1ea13
shoats, I0a11.
Evening star., 1922-02-26
NOVELTY DEMAND DROPS.

NEW YORK, February e5.-Opinion
that a break III demand for novelties
is due soon is gaining force gradually
in the retail market. A few are act
ing on that belief by curtailing pur-
chases. with the view of getting out
of the market as quickly and with as
little loss as possible when the break
shall appear. The public's tendency
to swing from one extreme to the
other and the fact that novelties have
had a steady run for a considerable
time are causing more conservative
merchants to pin their faith on staple
goods Novelties. it is explained,
may do for fill-in business. but are
too susceptible to the public's vaga-
ries to retain merchants confidence
for a long time.
Evening star., 1922-02-26
ARTICLE XXXv.

ARTICLE XXXV.
While I am inclined to discontinue
further discussion of Section 202 and
proceed to other matters, j feel that
we are justified in spending more
time on this section because of its
great Importance. Subdivision Cd
of Section 2O2 deals with three mat
ters unrelated to each other, two of
which ! propose to discuss in the
present article.
The reader will recall that the pre-
ceding four articles dealt with SUB.
division (c) relating to number of
exchanges of property which do not
result in the recognition" of gain or
loss as result of the exchange.
Subdivision I'D % provides that
where property is exchanged for
recognized under the provisions of
subdivision (c) the property received
shall. for the purposes of this section.
be treated as taking the place of the
property exchanged therefor ."
This is not only equitable, but good
accounting.
In order to make the language of
the law clearer. let us assume that !
own certain property (stocks, bonds,
or other securities. real property, per-
Sonal property or mixed property
which, upon a sale for cash, / would
March l, 1913. value, if acquired prior
thereto). Instead of selling this prop
erty for cash. let us further assume
ahat / exchange the property in Ques-
iion under any of the conditions dis
! cussed under subdivision (c) of Sec
zion 202. The property which ] re-
ceived in exchange for my original
property must, if subsequently sold
tor cash. be valued by me at SIX in
order to determine taxable loss or
-axable gain.
This subdivision I'D clearly brings
'ut the distinction SO important in in
ONE taxation. especially in the ear
lier acts. j. e., the distinction between
closed" transaction and one which
s not closed, or, as it is sometimes
,ut. between d completed" and an
'uncompleted" transaction.
The second item under this subdi-
sision I'D of Section 202 cannot be
discussed here. for lack of space. l
must postpone its discussion until
next Monday.
QUESTIONS AND ANSWERS.
Q. 113-A friend of mine has a
small cigar store and he does a busi-
less of about $4,000 a year. which
gives him a profit of about $1,000. He
pays $400 for light and rent, which
caves him about $500. He is a
married man, but is separated from
lis wife. to whom he pays alimony
If $6 per week. Does he have to
make out an income tax. and what is
lie exempt from? He also has a mar
led daughter, to whom he contrib
ties about 5000 year, owing to her
husbands inability to get a decent
salary sufficient to live on.
"A Must file a return; exemption
1000.
Evening star., 1922-02-26
CoTToNsEED OIL ADVANCES

NEW YORK. February 25.-Cotton-
seed oil advanced half a cent pound
on urgent demand from refners and
shorts. inspired by the bullish situ-
alton in crude and the higher ruling
in other markets. Considerable real
izing developed on the bulge, but
~ points. Sales, 1880 barrels.
Tenders. $500 barrels: prime crude,
1000 bid; prime summer yellow, spot,
11.05a11.15; March, lilo; May. 11.42;
JULY IL 10 all bid
Evening star., 1922-02-26
DRY GOODS STEADY.

NEW YORK, February 25.-Cotton
goods were STEADY, with the demand
less active. Wash fabrics received
more attention among buyers. Yarns
wool goods and silks we're quiet
BurIaps were steady. Linens were
quiet in first hands. but. sold steadily
in distributing channels.
Evening star., 1922-02-26

Comets vary In their speed. like
trains. The great comet of 1882
Travelled 29S miles per second. Hal
ley's comet does I;ot travel SO fast
roughly, about flf:y miles per second
Evening star., 1922-02-26

The violet is the flower of the Mo
hammedan religion and violet is the
mourning color Of ito followerA
Evening star., 1922-02-26
FEDERAL INCOME AND
EXCESS PROFITS TAXES



will identity q
Evening star., 1922-02-26
CnFFEE MARKET EASY.

NEW YORK, February 25.-Coffee
Rio. No. Z, sis 1916: futures. easy
March, SAT; July. S.S7.
Evening star., 1922-02-26
THE WEEKS BOND MARKET.

Below shown Of the fluctuations Of Of active
bonds the New York Stock Exchange for the week ended yesterday
February Is 1922: