The Wall Street Journal from New York, New York • Page 13

I 1 1 i II 4 THE WALL STREET JOURNAL. JFRIDAY MORNING. DECEMBER 22, 1922 13 CURB MARKET LIST RALLIES Short Covering and Buying Combined Carry Prieta to i Point Higher Along Litt Wyoming Oil Up on Sinclair Contract The entire market rallied sharply on Thursday. With mors cheerful sentiment on the Stock Exchange, traders were less inclined to withhold themselves from active participation and a real buying movement, the flint of any consequence recently, developed as the day progressed. Naturally, this placed the shorts in an uncomfortable position, and became evident at first by scattered covering which later turned into a rout.

Competitive bidding from these two sources therefore jumped prices anywhere to 8 or 4 points higher. Oil stocks, with the exception of the Wyoming group, came back with greater alacrity by reason of a more extensive decline. The Wyoming shares merely held their gains after the initial bulge, the movement not havng been followed up. Industrials as a rule were carried up on the general rise, but specific reasons applied in a few cases. Announcement of award of five-year contract to Sin-.

clair Oil for the purchase of all royalty oil going to the government from Salt Creek field in Wyoming, stimulated buying in the Wyoming petroleum shares at the opening and resulted in new tops on the current movement. Mountain Producers led the upswing by attaining a high of 1714, being closely followed by Merritt Oil, with approxi-i mately a point pain to 8 and a smaller jump to 21 in Salt Creek Producers. Mutual Oil, too, responded with a gain' to 11. Prices were mixed elsewhere, Prairie Pipe Line ing morning, general tone continued steady to firm, with Salt Creek stocks maintaining early gains in good style. Particular strength developed in other quarters, special influences contributing to substantial advances in Creole Syndicate, and Glen Alden Coal.

Creole Syndicate was well bought on the strength of a well brought in by Royal Dutch on the Santa Barbara tract, which adjoins acreage 3 Am Lt Tr 6s. 100 100 100 100 19 Am Tel 6s "24... 100 101 100 100 2 Anac Copper 6s. 101 101 101 101 8 Anac Cop 7s "29.103 103 103 103 3 Anglo-Am 7. 103 103 103 103 10 Armour Co 7s.

104 104 104 104 1 Atl I 6s. 63 63 63 53 5 Beth Steel 7s 23.104 1' 104 104 12 Beth Steel 7s 10t 102 102 2 Can 6s 109 1 CGEL APB6i.l03 103 103 103 1 Cuban Tel 106 106 106 108 2 Co; Ex A 8s 24.101 101 101 101 8 Cop Ex A Ss 25.10& 102 102 102 6 Deere 7s 101 101 101 101 2 101 100 101 IX Det Edis 6s 72. .102 202 102 102 I Galr, Root 7s Y7 98 98 98 i nni ft. ttL a. donaa upeu niga tow mii 2 Genl Asphalt 8e.l05 105 105 105 4 1 Grand Trk 6s.l04 104 104V4 104 6 Gulf Oil 96 96 96T4 98 Inter 97 97, 97 11 AT Ci '52 90 90 90 9 Kennecott .105 105 6 Laclede Gai 101 101 101 8 Libby McN 100 100 8 Mo Pae 6a 98 98 .98 1 CI 105 105 105 20 Netherlands 6s.

98 98 98 12 HH7s 80 80 80 5 N. 7s.l03 103 103 5 Rep Arg 7s 100 100 100 9 Russian 6s 10 10 10 9 Russian 10 10 10 28 Southwest 4 7s 4 7s 8 7s 2 6s 83.107 16 Swift A Co 6s. 93 AInmlnnm Ufa tlW S3 A 1 A- ttl 41 dropping 6 points to 306. Continental Can was unchanged Amalpa'ecfCeat'r Jo at 42, but Gillette Safety iRazor slipped back a point to Am. Hawaiian B9 ll4" Id M.

Anirlo-AmCorSA. 22W 25 i HI Notwithstanding some heaviness throughout list dur- a rnnathl VTC 20 Atlantis Loboa. 6 Borden ft Co 112 Br-Amer Tob reg. 20 Br-Am Tob eono. 20J Brooklyn City RK 8 Chalmen Chevrolet: loo ClUsi Berviee.

169 of Creole. This well showed an estimated production of Cities Servloe pfd 60,000 barrels a day. Cities 8 Birrs etM. 18 Youngstown Sheet Tube bettered its record high of cieveland'tfotors: 80 Wednesday by going to 74. Continued strength in this Continental 41 stock reflects sentiment that the company will in a much stronger trade position after acquisition of properties for which it is now negotiating.

The company Is one of the largest manufacturers of oil and merchant pipe in the country and it is believed to be earning considerably in i i i Cramp ShlpblM. 45 6th Ave Bus VTC. Ford Motor ofCan38w Gardner Gen Motors (old). 100 GillUaod Oil uiuetn earety K.3D2 excess oi preicrrea uiviuenu requirements. nienAJdntiil fifiV Uniform strength characterized the general list be- GoodyearTireCoin tween 1 and 2 o'clock with prices carried forward sharply Goodyear Tire pf.

38 on a combination of Bhort covering and speculative buying. iv'co 8 Oil stocks made the best response to this changed condi- Howe Sound Co.I tion, standard uu running up more tnan mier. uonu. ao. i 2 lis 21 2U Inter! Petroleum 0tf o' National Transit.

xSk 28U K. Y. Transit 1KB 132 Northern Pipe 103 108 Ohio Oil 71 74 Penn Mex lit 19 Ex-dividend. Inc. 97 90 105 101 100 98 105.

98 80 103 100 10 10 6 Sears-Rb. 7s 23.. 101 101 101 101 8 SheffieldF 6 42.100 100 100 100 9 Solvay Co. 8s.l05 105 105 105 78.104 104 104' 104 25.104 104 104 104 27.106 106 106 100 30.108 108 108 108 107 107 107 93 93 93 1 Swift Co 102 102 102 2 Swiss Govt 5s.l03 103 103 103 4 Union 8s 31.100 100 100 100 10 Un Hav 7s.l06 106 106 106. 45 Mex 4s 45 30 .40 39 39 1 Vacuum Oil 107 107 107 6 Valvolino 7s 37..

101 101 101 101 Hid Aetna Fsrrtwlve. MJtf Ai'lrdPackennew 8 Monntaln Prod rs 174 Motnsl Oil 11' Naiih Motors pf 98 Nash Motors com. 61 atonal Motors 1 turn nnint, stnHrH nil of TnrfiB. htt than nint Inter fetroleunu. tOX Su WUlys Corp Istpf 9 ,...1.., Kuppenhel'ercom 20 80 lfg 4iU Standard Oil of California about a point while Maracaibo Oil snapped back from 12 to 15.

Equally favorable was the action of the industrials and some of the miscellaneous issues. Glen Alden Coal moved up to 55 on the state ment that two of its collieries which have been idle are again resuming production. Lehigh" Valley Coal Sales gained to 82. Thursday, December 21, 1922: Sales Stocks Open High 100 Al Packers new 1 1 100 Am Writ Taper 2 2 100 Brit Amer cpn 20 20 400 Carib 6 5 190 Cities 170 171 400 Cities Bnkr 17 17 500 Cities Serv pf 60 66 Continenl Can. 42: 42 J200 Gilliland 2 2 305 Gillette Safety.250.

254 800 Glen 65 55 500 Goodyear Tire. 9 9 100 Goodyear 29 29 3200 Gulf' Oil, 49 60 100 Hayes 38 38 1000 Howe 2 2 200 Inter. 4 75 Lehigh S. 82, .5000 Maracaibo Oil. 13 4500 Merritt Oil 7 100 Meaabi Iron ..12 1800 Mt Producers .17 10500 Mutual Oil 11 60 Jersey Zinc.

172 .200 Nipissing 6 100 Peerless Mot. 72 .2800 Radio Corp 3 1800 Radio Corp pf. 2 300 Reo Motors 13 "2700 Salt Crk Prod. 20 1800 Sapulpa 2 1100 Shell Un 11 2400 Simms Petrol. 12 200 Standard Mot.

2 700 Tob Prod Exp 6 50 Todd Shipyards 65 200 Un Profit Share ,5 800 Un Ret Candy. .5 400 Willys 1 pf 10 200 Youngst'n SAT 74 liui'u Honot Open 2 Allied Pack 75' 1 Allied Paek 82 1 A 6 deb 97 1 Am Cot Oil 6s 24 97 4 82 15 8 12 17 11 172 6 72 21 3 12 13 2 6 65 5 6 10 74 High 75 82 97 97 8 2IJ 13 Low 1 2 20 5 168 16 66 41 2 250 65 9 29 49 88 2 4 82 12 7 12 17 11 Close 1 2 20 6 170 17 66 41 2 253 65 9 29 49 38 2 4 82 14 7 -12 11 171 172 I 6 5 72 72 2 13 20 2 11 12 2 6 55 5 6 9 74 Low 75 82 97 97 8- 8 24 13 21 2 12 13 2 6 65 6 6 9 74 Close 75 82 97 97 Up Off 1 2 1 1 Leiiigh 81 84 STANDARD OIL Sales Stocks Open High 70D Anglo-Am Oil 17 17 100 Atlantic Lobos. 6 6 210 Buckeye 86 8G 90 Crescent 45 45 45 Cont Oil 149 75 Cumberland 164 165' 25 111 Pipe 161 161 75 Ind Pipe 90 90 3200 Int Pete 20 20 300 Imp Oil of Can.113 115 900 Natl Transit 26 26 30 Northern Pipe .108 103 100 Penn-Mex Fuel. 18 -18 130 Prairie Pipe .310 315 10 South Penn Oil 160 160 40 Southern Pipe 101 101 3800 of Cal wi 58 69 110 Atlantic Kef lis Buokeve Pipe 85 87 Cbesebr'gh 215 Chesebrough 116 Continental OIL UU 161 Crescent Pipe 43 46 I Cumberland Pipe. 16s .103 Eureka Pipe 97 Galena Sig.pf n'wioa 106 IGalenaSig.

pfold.lOS 1" Galena Miff. com. 67 Illinois Pipe 189 168 I Imp. Oil of 114 115 i I i an tit STOCKS Low Close Up 17 17 6 86 45 149 164 161 90 201 160 101 67 13500 of Ind ...114 116 114 1400 SO of 117 120 117 1500 St Oil i 46 46 45 1200 Vacuum Oil i 40 40 40 the Counter" Quotations 1 Mill Aalrori Anjflo-Amer OIL. 17) 17" Atlantic Kerg no 6 86 45 149 165 161 90 20 0 of Ohio 26J 60 of Ohio pf.

...11 7 fcwan 24 Uulou Tank ..130 Union Tank pfM.l08 Vacuum Oil .645 Vacuum UU Washington OiC 24 113 114 1 25 25 103 102 2 18, 18 805 815 160 101 68 116 119 46 40 3 1 2 $3 FIDELITY-rHENIX FIRE INS. DIV Fidelity-Phenix Fire Insurance Co. of New York a semi-annual dividend of $3, payable January JO to stock of record December SO. Up Off 1 Bid Aikad Prairie Oil aov no Prairie Pipe 811 814 fcolar Refining 170 lo South Pipe 100 102 (South Penn lflii tSW Penn 64 67 FOofCal. taSpar.

68 58 0 of par. UV cu or K.ansas. KOofK'y 55par 118 118 hO of 1U5 Curb Exchange Ruling Committee on Listing of the New York Curb market committee on juisung oi me ew iora i-urn market 1 Bid Asked I.lbby.M'NArLnew Liggett Inter'aL. 47 MaraealboOll 14 Jlerrltt Oil 7 Mesabl Iron 12 Mexican 10 Motor Wbeel 18 68. JS 11X 100 64.

New Jersey Zlne.170 173 NYTelephon pf.llOj 111 ff 26 HO Nlpisalng ftj BANK STATEMENTS COMBINED STATEMENT OF FEDERAL IZES. BANKS Dec 20, 22 Dec 13, 22 Det). 21, 21 Totl gold reserves 3,045,910,000 3,061,223,000 2,870,994,000 Legal tend notes, silver, etc 110,799,000 123,605,000 122,066,000 Total reserves ..83,156,709,000 8,184,888,000 2,903,060,000 i Bills discounted: Sec by U. S. Govt obligations 814,851,000 344,793,000 503,770,000 All other 300,707,000 814.965,000 720,933,000 Bills bought in open market 251,728,000 262,672,000 128,525,000 Total bills on h'd $86786,000 1922,330.0001,351,228,00) Total earn'g assets 1,298,532,000 1,229,602,000 Total resources ...5,279,299,000 5,188,643,0006,211,184,000 Capital paid in 107,261,000.

107,244,000 103,167,000 Surplus 215,398,000 216,398,000 213,824,000 Total deposits 1381,959,000 1,861,110,000 1,784,750,000 F. R. notes act ual circulation ..2,456,711,0002,379,185,000 2,447,560,000 Total Iiubilities ...5,279,299,0006,188,643,0005,211,184,000 Ratio of res to depos notes combined 72.8 75.1 70.7 STATEMENT OF NEW YORK FEDERAL RES. BANK p-ec. 2022 Dec 13, '22 Dec.

21, '21 Totl gold reserves $1,019,904,054 1,004,261,000 1,061,936,000 Legal tend, notes, silver, etc 26,291,996 29,742,000 42,253,000 All other Bills bought in open market 6 Total resources ...1,534,366,4711,502,042,0001,617,264,000 170 PbllV.rMorrt;- ifo C6Ve Badlo Corpom. ile" SurP'U8 17 Radio Corp ,81516 ToUl deposiU 07 ay Hereules lo So notes in uct- oi nmo ioi 41l CaltCkProd, 20 60 bsltClt Consol'd. 10 8.V bcbulte Stores. 80 892 bbell Union Kimms 18 fctaudard. i 8.

tftuu Motor 16 IM fcwlft 18'' Timken Detroit A 94 1 0 Tobacco Ifro. Exp, fi 80 IcAi Bhtpyardsi 65 60 Union Carbide. 69 VS United Profit Un. 6k Un'd Ketail Candy 6 44 vuim vvrov 2l4' 10 6h 12i 1H 19 10 65W Total reserves. 1,034,008,000 1,104,189,000 Bills discounted: Sec by Gov't obligations 4126,029,410 $160,670,000 $157,396,000 ual circulation Ustio of res to depos tc notes combined 10 Boston New.

York Philadelphia I Cleveland St. Louis Minneapolis Kansas City Dallas San Francisco Total 16,326,630 23,213,000 79,094,000 41,225,220 51,224,000 61,707,000 Totl bills on hand $183,581,261 $235,107,000 $298,197,000 I Total earning assets 312,049,011 298,423,000 380,424,000 28,680,950 60,197,127 ..715,110,420 28,681,000 60,197,000 694,741,000 FEDERAL RESERVE RATIOS 27,114,000 69,318,000 722,973,000 ..605,533,259 591309,000 666,571,000 79.2 795 Washington Ratios of total reserves to net deposit and Federal Reserve note liabilities combined, for the 12 Federal Reserve banks and the entire system, as of Decern ber 20, 1922, cpmpared with the previous week and a year ago, follow: Dec. 20, '22 64.1 79.2 71.7 68.9 'Richmond 67.1 0ff Atlanta 76.1 Chicago 78.2 63.3 74.3 "53.9 67.0 69.1 Dec 13, -22 68.4 80.4 74.8 68.8 71.6 78.2 82.1' 70.2 74.7 60.9 64.1 70.7 75.1 21, "21 76.9 79.5 1 rAKMERS' TRl'ST ELECTION 112 68.8 45.0 41.7 71.5 64.0 54.8 61.3 48.4 78.2 70.7 Joseph P. Cotton of Cotton Franklin, and Lewis L. 'Delafield of Hawkins, Delafield Longfellow, were elected directors of Farmers Loan Trust Co.

I J. Courtney Talley, Irving H. Meehan, Frederick A Dewey and S. Sloan Colt were elected assistant vice presi dents. i Harry D.

Sammis and Edward Boyd were elected Trust officers. R. Baylor Knox, Wilfred L. Peel, John G. Kilbreth, Howard S.

Butterweck and Henry N. TilTt were elected asistant Trust officers. Harry F. Avers and Alfred C. Steele were elected assistant cashiers.

MEXICAN 3IINIXCS OPERATIONS Monterey, Mexico. Statistics compiled by the Mexi tan government show 52,804,061 kilograms of lead and 'roDDer bullion valued at more than 56.000.000 pesos, eouiv- ar vt 1 j7-'i l- to $23,000,000 United States currency, exported in KOorN.Y.fciopar 4fl 4flv 8UC montns oi tms year. January exports we K.ii Kilograms vaiuea at approximately 28 (pesos. In February exports increased nearly 1,000,000 3j kilograms. Total 1922 exportations are estimated more 110 jthan 104,000,000 kilos with value of 112,000,000 pesos.

665 Mining department forecasts next year will show an in- 27 crease as a number of new mines are preparing to begin operations. of Commerce lo Issue Reports Up Pn Washington Weekly reports of imports and exports rules tnat tne capital swex oi oiar Kenning to. la not 0f grain, steel, cotton and other large cargo commodities to be quoted ex the 100 Oock dividend, to -stockholders Will bo issued by Department of Commerce as soon as of record December 23, until further notice. provisions of Jones bill, which transfers activities of Bureau of Customs statistics from Treasury to the Com- ntorce Department are adopted by House and Senate, Sec- meruiiK rouuem jiuuiliuimi nwia retary Hoover announces. At a special meeting, stockholders of Sterling Prod- Mr.

Hoover explained that the new Fordney-McCum- lucts Co. approved issuance of 100.547 additional (no par) ber' tariff bill added about five hundred articles to the shares of authorised stock. Directors decided stock would tariff schedule, and as a result the compilation of foreign be offered to holders of record December '29 at $50 a trade import statistics has been delayed. He estimated share on basis of one new hare for each five snares field, that the department would have the delayed import eta- Stock will be issued January 15 1923, or soon thereafter, tistics for the period from September 22 (the date when but will not participate in the quarterly dividend raid the new tariff bill became effective) to October 22 by eoruary 1 Proceeds of sale of thiaatock will be used in the pur-! chase of business of Charles H. Phillips Chemical Co, January 1, and November figures by the middle of Janu ary.

Thereafter, be said, the department hoped to keep these trade fures practically up to date. Confirms I. C. C. Appointments Washingte The Senate has confirmed the reaoraiaa-tioa of Interstate Commerce Commissioners McCbera and Eastman.

18,000 MEX. T12T. 'C03f. NOT DEPOSITED Chairman Doheny, Denies Pureheuet in Op Market 10,000 Share Deposited to Last Fortnight Edward L. Doheny, chairman of Mexican.

Petroleum Co. and Pan-American Petroleum A Transport, denied that Pan-American Petroleum A Transport is purchasing Mex ican Petroleum common stock in open market He stated that there are 18,000 shares of Mexican Pe troleum common outstanding not held in Pan-American Petroleum's treasury. This is a reduction of 10,000 shares from amount outside Pan-American holdings two weeks age These 10,000 shares, Mr. Doheny said, were acquired by Pan-American on same basis of exchange as was made to other shareholders. There also remain 7,000 shares of Mexican Petroleum preferred outstanding not held in Pan-American's treasury.

stated new basis of conversion of Mexican Tetroleum 8 bonds into Pan-American stock, as result of first 25 stock dividend paid November 8, is 88.17 per $100 of bonds. On this basis a $1,000 bond is convertible into 11.34 shares of Pan-American stock. Mr. Doheny ststed thst Pan-American Petroleum has purchased 120 acres in the light oil district of Smackover, Ark- field and that one rig had been erected. Two tanks have been built and company has called for bids on 20 steel tanks to be erected on a 160 acre tank farm which has been acquired.

FARM WORK PROGRESSES IX. MIDDLE SECTION Raivs on Pacific Coast and Cold in New England Retard Field Operation Winter Grain Generally Look ing Well Livestock Doing Well Washington The Department of Agriculture an nounces that farm work was held back in New England by cold weather and on the Pacific coast by rains, but progressed in other parts of the country under generally favorable weather conditions. The condition of fall sown grains is generally zavor able though growth has been delsyed in many sections by drought and planting of large areas was late. In north em sections the seed had only just come up or had not even sprouted when zero temperatures arrived. On the whole, however, they go into the winter in a fairly good condition.

The coifn harvest is mostly over, husking is mostly through and the grain housed except in small areas here and there. Disease damage has generally 'been small this season. Mew corn is not moving ireeiy as a ruie aue to enlarged feeding and holding for higher prices. Cotton has generally been picked and ginning is rear ing completion. Some 'top crop making in Texas and a few other areas.

Stripping of tobacco is progressing rapidly. is generally good. Main Selling move ment is not fully started, but good prices prevail so far. The condition of livestock is generally good. Cattle prices are increasing alowly of late.

The, supply of farm labor is generally ample, though farmers are reported to be employing as little as possible. TUBLIC UTILITY NOTES Southern. Utilities Co. reports gross of $2,438,279 for 12 months ended November 30, 1922, a decrease of $390, 3 rom the same period of 1921. Net after taxej w5 $44 817, decrease $195,801.

1923. jThe state of Rio Grande do Sul, Brazil, is inviting ius for construction of a 40,000 horsepower hydro-electric power plant in Saledade, about 140 miles northwest of Porto AJegre. Tenders will be accepted up to October 1, Report of Utah Power A Light Co. for 12 months ended Uctoocr 31, lv.z, snows gross oi an in crease of $38,168 over the same period of 1921. Net after taxes was $3,422,379, increase $93,748, and balance after charges $1,790,250, increase $47,843.

Report of Appalachian Power Co. for 12 months ended November 30, 1922, shows gross of $2,898,941, increase of $422,986 over the same period of 1921. Net after taxes was $1,382,717, increase balance after charges $463,024, increase $351,084, and balance afer preferred dividends $349,317, increase $265,634. Central Illinois Public Service an Insull corporation, has closed a contract with the Old Ben Coal Corp. to supply twelve of the hitter's largest mines in Illinois with electric power, cost of which will aggregate $500,000 annually.

Mines will be connected up by February 1, 1923, and will make a total of 76 mines now served by company. Birmingham Water Works Co. has added 107,000 feet of water mains to -its service this year, increasing output by 117,000,000 gallons. It now serves more than 33,000 meter customers with an annual water consumption in ex cess of 7,000,000,000 gallons. Proceeds from the sales of its 8 cumulative preferred stock, of which $1,200,000 wa sold locally in 1921 and 1922, were devoted to plant un-provement and main extensions.

SOUTHWESTERN POWER 1922 October gross $904,399 Net after taxes 441,310 12 mos gross 9,672,089 Net after taxes LIGHT CO. SUBS. 1921 Changes $884,464 Inc. 440,244 Inc. 10,165,464 Dec.

4,256,782 Inc. Cuban Sugar Estimate) $19,93) 1,063 493.375 399,266 Dept. of Justice After U. 8. Harness Co.

Washington Attorney General Daugherty announces that Department of Justice will institute civil or. criminal proceedings, oa both, against the United States Harness Co' Cudaby Packing Co. Chicago At annual meeting of stockholders of Parking at Portland, Me, officers and were reelected. Annual report will be published Saturday. and otlwr conditions.

Recently announced estimate of lis $76,000. Cuma-Kejer was 4183,500 tons. trade. BELGIAN PEASANTS INCREASED SAYINGS DURING OCCUPATION BETWEEN DECEMBER, 1914, AND NOVEMBER, 1922, THESE FUNDS INCREASED FROM 1 TO NEARLY 400 MILLION FRANCS Brussels (by mail) Published reports of the banking association owned and controlled by the powerful Belgian peasant organization known as the Boerenbond show that deposits which December 31, 1914, were 16,000,000 francs December 81, 1918, 212,464,881 francs, December 81 of last year 326,870,700 francs, on November 1, 1922, had reached 888,000,000 francs. These figures are interesting in view of the fact that Belgian peasants and the Belgian government make great ado over the heavy war contributions levied by the Germans upon the Belgian provinces.

The government has now assumed all these contributions and the profits made by the Belgian agricultural population in sale of foodstuffs to the Germans is clear. Moreover this class is the least affected by present increase in taxation. The income tax hits incomes as low as 2,100 francs a year but it is safe to say that not one peasant in a thousand hands In his yearly return. Tax examiners are treated with little ceremony and as Belgian farmers keep no books verification is practically impossible. OP BORRP.XBOND The Belgian Boerenbond is a social, educational and political organization intimately connected with the Catholic church.

It is Flemish, not given to love for the Wallon-half of the population or for France. Its 100,000 members are divided into 1,050 guilds scattered through out the five Flemish provinces of Belgium. As only one member from each family is admitted, the association represents 100,000 families 'or well over 1-3 the total agrl- cultural population of Belgium. The banking business of the Boerenbond is done by an organization known as the Caisse Centrale de Credit, which has a guaranteed capital of 22,493,000 francs. Most of the business is done through 784 local Caisses de Credit, directed by the central institution.

An ordinary business of loans and deposits is done, but exclusively for agricultural interests. Profits of the central bank were 6,654 francs in 1911, and 203,766 francs in 1921. The intimate liens with the Catholic church are an important feature. No one can be a member who is not a Catholic and the village priest is spiritual advisor of the local guild. These local advisors elect a regional and regional divisions correspond with the electoral dis- tricts of Belgium.

BOERK.VBOXD COOPERATIVE IX SALES AND PURCHASES The Boerenbond acts as a cooperative institution in the purchase and sale of fertilizers, animal feed and agricultural implements for the account of the local guilds or for individual members. In 1921 these commercial operations equalled 57,000,000 francs. In addition it organizes cam paigns for the amelioration of cattle breeds. Veterinaries are hired by the central committees and give instruction in the various localities. An inspection of cooperative dairies is carried on.

Boerenbond has incorporated five insurance companies which carry 70,000 policies insuring all sorts of personal and agricultural risks. In political influence the Boerenbond has come espe cially to the front since the armistice. As has been stated the federations of local guilds are organized to correspond to the electoral districts. The agricultural bloc forms an important part of the strong Catholic party, numbering 20 out of a total of nearly 80. In 1919 and early 1920 they succeeded in removing price fixing laws regarding foodstuffs.

A short time later their Influence was successful in causing the tax administration to keep estimates of the value of agricultural exploitations under the present abnormally high market 'values. This year the bloc was again in evidence when tne credit lor agricultural education was carried from 6,000,000 to over 6,000,000 francs and that for land clearing from 50,000 to 500,000 rancs. Still more recently members of the Boerenbond have se cured special reduced freight rates for interior shipments of lime, ashes of lime, to be used as fertilizers and forwarded in 2Q-ton lots. It would be unjust to lay all of the profits made by the peasant class to trafficking with the German invader. A part of the 2,300 increase in deposits in eight years nd o'.

1,200 during the war has been due to inflation caused by declining value of the 'franc, to withdrawing of capital from investments in stocks and bonds and to an increased tendency to intrust "stocking deposits" to a reg- arly organized bank. Nevertheless, financially the war much for the Belgian peasant and justly this class hould be called upon for a liberal contribution toward meeting government budget deficits, which for 1923 will be 2,394,000,000 francs, and to redemption of worthless marks held in the National Bank. SHIPPING NOTES Todd Shipyards Corp. has been awarded contract for reconditioning of the tanker Alabama, recently damaged by going ashore on the Mexican coast. Reconditioning will cost $77,000 and work will be done in the Robins Dry-dock plant.

Todd has completed work on reconditioning the United States liner President Harding. The vessel will return to her regular New York-Bremen run next week. Commissioner O'Conner of the Shipping Board has asked the mayor of Hoboken to name a committee to work with the board with a view to paying the city some sum in lieu of taxes for use of Hoboken piers. Hoboken claims to be losing $100,000 a year in taxes, while the government controls the docks. Mr.

O'Conner said the board would not pay as much as the taxes call for, but thinks the city should receive some compensation in return for police and fire protection. Win. Campion, president of Garland Steamship Corp. denied that control of the company was in foreign hands. Mr.

Campion has filed an affidavit with the Shipping Board showing that 75 or more of the stock issued is held by American interests. Books of the company are open to investigation at any time, Mr. Campion said. Pacific Spruce Corporation of Los Angeles has bought the steamer Lake Sabago, 8,000 deadweight tons, from the Shirring Board. No official announcement was made of crop this season is 4402,857 tons, assuming normal weather the terms, but the board's cash price for lake type vessels Ship will be put in Pacic coastwise lumber 1.